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India's Reliance intensifies green push with $80 bln investment in Gujarat

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India's Reliance Industries said it would invest 5.95 trillion rupees ($80.49 billion) to set up green energy projects and bolster its retail and telecom arms in the western state of Gujarat, as it targets net-zero carbon emissions by 2035.

A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad, India January 16, 2017. REUTERS/Amit Davesaid it would invest 5.95 trillion rupees to set up green energy projects and bolster its retail and telecom arms in the western state of Gujarat, as it targets net-zero carbon emissions by 2035.

Owned by billionaire Mukesh Ambani, the conglomerate has in the past year unveiled plans to reduce its dependence on its mainstay oil-to-chemicals business and invested in clean energy projects to brush up its green credentials. The move is part of a larger renewable shift in the energy industry spurred by pressure from investors who want companies to do more to help in the fight against climate change.

Reliance will also spend 75 billion rupees to upgrade its Jio telecom network and invest 30 billion rupees in its retail business.The company already has a massive footprint in Gujarat, operating the world's biggest refining complex in the city of Jamnagar.

 

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